Article 113-Estate Planning Series: Is Long Term Care Insurance the Best Answer For Me?

Written by Wright Law on . Posted in Estate Planning, Long Term Care

So what is the answer to long term care needs?   Seventy percent (70%) of seniors will need some form of long term care.  Yet Medicare, the Affordable Care Act and your health insurance policy will not help pay for those costs, which can reach or even exceed ten thousand dollars a month.

Unfortunately, many assume their only option is to purchase long term care (LTC) insurance.  LTC insurance is a type of policy that will pay benefits when the insured is unable to perform certain activities of daily living (ADLs) such as eating, bathing, dressing, toileting, and transferring. 

Article 111-Estate Planning Series: It Can Happen In An Instant

Written by Wright Law on . Posted in Estate Planning, Long Term Care

Many, including seniors, see long term care as an issue to be addressed in the future. Because it is usually associated with the frailties of age, it is also assumed they will be able to anticipate the need for long term care, and plan accordingly. 

Unfortunately, the need for long term care too often arises suddenly.  The lifestyle and independence to which seniors are accustomed can be forever changed without any advance notice or indication.

Article 110-Estate Planning Series: How Can We Care for the Caregivers?

Written by Wright Law on . Posted in Estate Planning, Long Term Care

Imagine you are responsible for the care of a spouse or parent with dementia.  He does not recognize you.   He needs help dressing or toileting, but his innate modesty causes him to fight attempts to help.  In fact, occasionally he reacts aggressively or even violently.  He is otherwise physically healthy, and may remain in this condition for years to come.

This example is all too real for many caregivers.  And they are exhausted. 

Article 109-Estate Planning Series: The Cost of Medicaid for Long Term Care

Written by Wright Law on . Posted in Long Term Care

Although Medicare is not intended to provide assistance to seniors in need of long term care, under certain circumstances, Medicaid will provide that assistance.    I believe Medicaid is a critically important safety net to assist our most vulnerable senior citizens in need.  Therefore, it may seem ironic that the purpose of this column is to encourage you to avoid relying on Medicaid if possible.

Article 108-Estate Planning Series: Will Medicare Pay for My Long Term Care?

Written by Wright Law on . Posted in Long Term Care

Last column I explained the options to pay for long term care are limited.  Adding to the problem is a significant amount of incorrect information about what those options are.  For example, many seniors erroneously believe Medicare will pay long term care costs.  This is not correct.

On the other hand, upon meeting certain conditions, Medicaid will pay for long term care.   I understand why people confuse the two.  Not only do the terms sounds similar but, in some cases, Medicare provides assistance for some of the same types of health issues as Medicaid. 

Article 99-Estate Planning Series: How Should You Help Your Aging Parent?

Written by Wright Law on . Posted in Estate Planning, Long Term Care, Will

It is not uncommon for me to receive a call from an adult child concerned about a parent’s decreasing ability to care for him or herself.  Circumstances often require assistance the child does not have the ability to provide.

Without sufficient assistance, bad things can happen.   It only takes an instant for an aging parent to fall.  One third of seniors will fall each year (longtermcare.gov).  Falls are the leading cause of both fatal and nonfatal injuries for seniors, and often lead to a new series of health issues.  By age 75, a fall is four times more likely to result in admittance to a skilled nursing facility.

Article 82-Estate Planning Series: The Critical Link Between Retirement Planning and Estate Planning

Written by Wright Law on . Posted in Estate Planning, Long Term Care, Will

For most of us, retirement is a goal we hope will allow us to enjoy the fruits of previous sacrifices.  While advance preparation clearly increases the likelihood that we can enjoy our golden years, there are many circumstances that dictate whether retirement is an opportunity or a burden.

Article 70-Estate Planning Series: Is It Too Late?

Written by Wright Law on . Posted in Estate Planning, Long Term Care, Will

I met recently with a man who asked me if it was too late.  I could not give him the assurance he wanted.  His mother was a stroke survivor; and recently had a serious fall.  These are two of the most common reasons seniors need long term care, and both can occur in an instant.  Seniors make up almost two thirds of those hospitalized for a stroke.  Similarly, falls are the leading cause of both fatal and nonfatal injuries for seniors.

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